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Today Technical Analysis: Gold Snaps Back Above $5,000 as Risk Aversion Returns

February 4, 2026, 08:14

Gold Technical Analysis

Gold continues to show a technically healthy recovery after forming a major bottom in price near $4,402. The rebound has been strong with price now trading above all short term moving averages.

This structure suggests that the market has shifted positively. The MACD strongly confirms this view, with a sustained bullish crossover, reflecting strengthening upside momentum.

Price is now approaching the $5,100–$5,150 resistance zone, which represents a key decision area. As long as gold holds above the $4,950–$4,900 support band, pullbacks are likely corrective, and the broader bias remains bullish. A clean break above $5,150 would open the door for a move toward the $5,300–$5,400 region, while a drop back below the 30-period moving average would signal loss of momentum.

Gold 1H Chart

Gold 1H Chart 4-2-2026
Resistance$5,146$5,247$5,300
Support$4,915$4,835$4,741

Brent Technical Analysis

Oil is currently transitioning from a sharp corrective selloff into a consolidation and early recovery phase. After rejecting the $71.11 high, price found firm support in the $66.00–$66.30 area. Since then, the market has stabilized and started to print higher lows, indicating that selling pressure has largely been absorbed.

Moving averages MA(5) and MA(10) have crossed back above price and are now acting as dynamic support, while the 30-period moving average remains slightly downward sloping, reflecting the prior bearish impulse.

MACD supports this interpretation, as bearish momentum has clearly faded and the indicator has crossed upward. This points to improving momentum but not yet a strong impulsive move. As long as price holds above $66.50, next major resistance levels are $68.50 and potentially $69.80. A sustained break below $66.00 would invalidate the recovery and expose deeper downside move.

Brent 1H Chart

Brent 1H Chart 04-02-2026
Resistance$68.09$68.66$69.54
Support$66.61$66.02$65.30

Bitcoin Technical Analysis

Bitcoin remains in an overall bearish trend. The recent bounce from the $72,900 area was technically constructive, forming a higher low relative to the previous selloff leg, but price is still trading below the declining 30-period moving average. This tells us that while selling pressure has eased, the market has not yet transitioned back into a confirmed bullish trend.

Moving averages MA(5) and MA(10) have crossed upward and are supporting price, suggesting short term stabilization and a potential basing phase.

As long as bitcoin holds above the $74,500–$73,000 support zone, the structure favors higher price action, with upside resistance near $78,000–$79,000 where the 30-period moving average and prior supply converge. A failure below $73,000 would invalidate the recovery and reopen downside risk.

Bitcoin 1H Chart

Bitcoin 1H Chart 04-02-2026
Resistance$77,127$79,225$81,029
Support$75,380$74,538$72,950
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